China Business Digest: Luckin Coffee to be Kicked Off Nasdaq; U.S. Sets Record for New Covid-19 Cases in a Single Day

China Business Digest: Luckin Coffee to be Kicked Off Nasdaq; U.S. Sets Record for New Covid-19 Cases in a Single Day





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The United States reported a record number of new Covid-19 cases for a single day Thursday, pushing the total number of Americans affected to more than 2.4 million. Scandal-ridden Luckin Coffee dropped its fight against delisting from the Nasdaq for failure to meeting listing rules. Beijing health authorities stepped up efforts to identify false negatives from Covid-19 tests after a woman tested negative four times before her infection was finally confirmed.

— By Denise Jia (huijuanjia@caixin.com)

** TOP STORIES OF THE DAY

Luckin Coffee to be delisted from Nasdaq

Luckin Coffee Inc. will be delisted from the Nasdaq after it received two notices from the exchange about its failure to meet listing rules, the Chinese coffee chain said Friday. The company originally scheduled a hearing to challenge the delisting for Thursday, but on Wednesday withdrew the hearing request and decided not fight the delisting decision.

U.S. Covid-19 new cases surge to record high

The United States reported a record number of new Covid-19 cases in a single day with 37,077 Thursday, according to Johns Hopkins University. The coronavirus has infected more than 2.4 million people and killed more than 124,000 in the U.S. At least 32 states are recording increases in new cases, prompting some to reinstate restriction measures and the White House coronavirus task force to hold its first public briefing in nearly two months.

Tencent quietly prepares streaming rival to Amazon’s Twitch

Tencent Holdings Ltd. is rolling out a livestreaming service similar to Amazon.com Inc.’s Twitch in the U.S., making a rare foray into American social media. China’s largest company has been quietly testing a mobile-focused streaming network via an affiliate in the U.S. since at least March.

U.K. approves construction plans of Huawei’s R&D center in Cambridge

Embattled Chinese telecom firm Huawei announced Thursday in the U.K. that the Phase One construction plan of its research and development center based in South Cambridgeshire has received approval from the district council, state-run broadcaster CCTV reported (link in Chinese).

Tencent buys assets of struggling streaming platform IFlix

Chinese internet giant Tencent Holdings Ltd. will acquire content, technology and resources of struggling streaming platform iFlix Ltd. to expand its geographical reach in Southeast Asia. The amount of the deal is not disclosed.

China sharply narrows 2020 foreign investment negative list

Foreign investors will be given more access to China’s services, manufacturing, and agricultural sectors, according to a new negative list jointly issued earlier this week by China’s National Development and Reform Commission and the Ministry of Commerce.

The total number of areas restricted to foreign investment was reduced to 33 from 40 in 2019, among them two areas would be partially opened. The new negative list will be effective July 23.

SoftBank’s Masayoshi Son steps down from Alibaba’s board

SoftBank Group Corp. founder Masayoshi Son has departed the board of Chinese e-commerce titan Alibaba Group Holding Ltd. The Japanese billionaire said in a meeting with shareholders Thursday in Tokyo that he is “graduating” from his most successful investment by far.

National auditor warns of hidden bad loan risks for small banks

China’s state auditor said some small banks have far more bad loans than previously thought, after an inspection of lenders. The news comes as the country has increased availability of credit to bolster the virus-hit economy.

Of 43 smaller regional lenders reviewed by the National Audit Office, 16 had bad loan ratios that were nearly twice as high as the lenders publicly disclosed, the auditor announced.

Using satellite data, regulator uncovers faulty figures at fishery firm

China’s securities watchdog has fined Shenzhen-listed Zoneco Group Co. Ltd. 600,000 yuan ($84,813) after determining through satellite data analysis that the fishery enterprise faked its 2016 and 2017 annual reports by misrepresenting its harvest data.





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** OTHER STORIES MAKING THE HEADLINES

Economy & Finance

• The ten-day Canton Fair this year, first time held “on the cloud” (link in Chinese) through online streaming services, wrapped up on Wednesday. Officials in Guangdong province did not disclose the total amount of orders signed during the annual trade bazaar.

Business & Tech

• E-commerce group JD.com announced Friday (link in Chinese) it has signed an agreement with its financial subsidiary JD Digits to increase investment of 1.78 billion yuan in cash. The parent company will hold a 36.8% stake in JD Digits after the increased investment and some shareholding restructure, but the deal is still awaiting regulators’ approval.

** ON THE CORONAVIRUS

Beijing bolsters efforts to identify false negatives in Covid-19 testing

Beijing health authorities have stepped up testing efforts to identify false negatives from Covid-19 tests after a woman tested negative four times before her infection was finally confirmed.

Other virus news

• The Chinese mainland reported (link in Chinese) 13 new coronavirus cases with symptoms Thursday, 11 of which were local cases and all found in Beijing. The mainland added five new asymptomatic cases on the same day.

• As of Friday 6 p.m. Beijing time, the number of coronavirus infections globally had reached nearly 9.62 million, with the death toll over 489,000, according to data compiled by Johns Hopkins University.

** AND FINALLY

Despite the virus resurgence in Beijing, Chinese people in other provinces and cities across the country were celebrating the mid-summer traditional holiday Dragon Boat Festival with a variety of activities, mostly involving festive snack Zong Zi and boating contest. See the gallery here (link in Chinese).





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Contact reporter Isabelle Li (liyi@caixin.com) and editor Marcus Ryder (marcusryder@caixin.com)

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